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Westpac Says Ends Credit Card Venture with Virgin

SYDNEY (Reuters) - Westpac Banking Corp Ltd WBC.AX, Australia's fourth-biggest lender, said on Friday it would end its partnership with Virgin Money to provide Virgin branded credit cards.

A five-year agreement between the two would conclude in May 2008, Westpac said in a statement.

“Westpac will enter negotiations with Virgin Money relating to the purchase of the Virgin credit card book from Westpac,” the bank said.

Virgin Money, which also provides home loans and pension funds in the Australian market, is part of the global Virgin Group [VA.UL], controlled by British entrepreneur Richard Branson.

Reporting by James Thornhill

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